For the payment sector, is there a before and after Covid?
This is indeed the case. Online payments grew by 20%, which is huge in terms of volume. In this context, merchants must ensure the identity of the person placing the order to eliminate possible fraud. Especially since it is now the result of organized criminal networks. Hence the implementation of authentication systems such as 3D Secure or biometrics. At the same time, they must not interfere with the customer’s shopping experience, of which payment is an essential link. A recent study has also shown that 69% of customers say they are willing to switch merchant sites if they are not satisfied with the payment stage. That is, if the bet is important.
And in the store?
Contactless now accounts for 70% of payments and innovation continues to come into play. Example in Amazon Go, a cashless store, which has just launched the payment through the palm of the hand. In this area, there is, therefore, a triptych made up of the customer experience, the security level of the anti-fraud systems and a third element, which is compliance with regulations. For example, when it comes to storing biometric data, you have to comply with different local rules. In the end, it is the balance point between these three parameters of the equation that must be found.
With special attention to the user experience?
In the world of payments, the one that survives is not the one that offers the best technology or the lowest cost, but the one that offers the best user experience. The omnicanality, which the Covid crisis has revealed, illustrates it perfectly. The ability to place an order on a website and then pay in store (and vice versa) is now a must. In this set, payments play a fundamental role. The goal is to offer the consumer a fluid and seamless experience. Especially since shape vectors multiply. We are no longer just talking about the plastic card, but about smartphones or even cars capable of paying. On his part, the merchant also digitizes himself by transforming his mobile phone into a payment terminal.
For what use cases?
In markets, it can be difficult to use a traditional payment terminal. Now, a street vendor has the possibility to download a dedicated application on his mobile phone in order to accept payment cards. This also contributes to the decrease in the use of cash. Another use case, this time in the store. To avoid queuing at the register, a salesperson can offer the customer to pay directly through a smartphone. It makes all the difference in terms of customer experience.
In this group, how is Fime positioned?
We are at the center of the ecosystem. Responding successfully and effectively to this triptych “customer experience-security-regulation” can be complicated. Hence the need to turn to experts who not only have a real understanding of the business challenges of payment, but also related technology solutions. At Fime, our teams of consultants have this dual ability. Therefore, we help our clients define their payment strategy and implement the necessary technologies for its implementation.
But our activity has a second aspect. Payment systems are, in fact, the addition of different modules. Hence the need for testing to ensure that these systems, online or in store, are working optimally. For this, we offer two services. The first is that of a test software publisher; software purchased from us by customers who want to test their solutions for themselves. Another possibility is the second service: customers entrust us with the task of testing their systems, which we do in our laboratories. We have 9 of them, located in different parts of the Globe. They measure the effectiveness of payment solutions in terms of customer experience, security requirements, and regulatory compliance.
This content was produced with SCRIBEO. The BFMBUSINESS editorial team was not involved in the production of this content.
Source: BFM TV
